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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: A little help interpreting CA Civil Code 2954.10 Posted by JK (the other JK) on August 10, 2007 at 1:33 PM In Reply to: Re: A little help interpreting CA Civil Code 2954.10 posted by BrianH on August 10, 2007 at 11:02 AM : Agreed, we purchased subject to and factored in the prepay and I have no problem paying it. However, if the laws say the 2nd can't charge the prepay it is worth the old college try to not have to. I've never heard that a lender cannot collect a Prepay just because a NOD has been filed. I've heard that it cannot be charged at Trustee Sale. Wouldn't the following allow them to collect?: "The provisions of this section shall not apply to a loan other than a loan secured by residential real property or any interest therein containing four units or less, in which the obligor has expressly waived, in writing, the right to repay in whole or part without penalty, or has expressly agreed, in writing, to the payment of a penalty for prepayment upon acceleration." I would think that most loan docs would state the borrower agrees to pay the prepayment penalty even if a NOD has been filed. Follow Ups: Re: A little help interpreting CA Civil Code 2954.10 BrianH 1:48 PM, 08/10/07 (1) Waiver Example: CA Civil Code 2954.10 Heidi 6:51 PM, 08/12/07 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Agreed, we purchased subject to and factored in the prepay and I have no problem paying it. However, if the laws say the 2nd can't charge the prepay it is worth the old college try to not have to. : I've never heard that a lender cannot collect a Prepay just because a NOD has been filed. I've heard that it cannot be charged at Trustee Sale. Wouldn't the following allow them to collect?: : "The provisions of this section shall not apply to a loan other than a loan secured by residential real property or any interest therein containing four units or less, in which the obligor has expressly waived, in writing, the right to repay in whole or part without penalty, or has expressly agreed, in writing, to the payment of a penalty for prepayment upon acceleration." I would think that most loan docs would state the borrower agrees to pay the prepayment penalty even if a NOD has been filed. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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